Golfsmith loss narrows in Q1, but sales decline

Austin, Texas Golfsmith reported a net loss for first quarter fiscal 2009 of $5.1 million, compared with a net loss of $5.4 million in the year-ago period.

Net revenues for the quarter, ended April 4, totaled $68.8 million, compared with $79.2 million last year. Same-store sales fell 11.7%.

Martin Hanaka, chairman and CEO commented: “While the recession continues to pressure spending in our industry, it is also making us a better organization as we focus on initiatives to increase efficiencies, reduce operating expenses and lower inventory levels, in which all areas we have made very good progress. As a result of these efforts, along with same-stores sales that outperformed our plan for the quarter, we were able to generate free cash flow in the quarter and finish the period in an even stronger financial position.”